Bitcoin Price Drop Sparks Market Downturn: Losses to Continue in March
• Bitcoin’s price dropped on Saturday leading the majority of the market down with it.
• Investors expect more downward trend for BTC, with a 5.67% decline by the end of March predicted by Coinmarketcap’s Price Estimates feature.
• According to Crypto Fear & Greed Index, investors are feeling neutral towards the market but sentiment can turn negative easily due to low prices.
Bitcoin’s Price Drop Causes Market Downturn
The crypto market is still reeling from Bitcoin’s price drop on Saturday, as the largest cryptocurrency by market cap took the majority of the market down with it after succumbing to bearish trends. But investors expect this is not yet over and that digital asset will continue its decline.
March Expected To Bring Further Losses
March has started out badly for the crypto markets, in line with expectations expressed by participants in Coinmarketcap’s Price Estimates feature. The median price expectation by the end of March came out to $21,084, which represents a 5.67% decline from current prices – meaning bitcoin could lose another $1,200 from its value plunging the crypto market further into bear territory.
Investors Remain Bearish
Voters also maintained a bearish outlook for BTC in upcoming months; expectations for each month fall lower as high as 17% losses expected within three months time frame ending in May where more than 4,400 voters put forth an expected low of $18,521 for BTC at month’s end.
Investor Sentiment Toward BTC
According to Crypto Fear & Greed Index investor sentiment toward BTC remains neutral but could easily shift negative given current low prices and volatility seen thus far this March alone when BTC lost $1,200 within an hour during one trading session alone.
Conclusion
In conclusion investors remain bearish toward Bitcoin and its future prospects in terms of pricing though sentiment currently remains neutral according to Crypto Fear & Greed Index however given current volatility and low prices sentiment could quickly change resulting in further declines for Bitcoin and other cryptocurrencies alike if caution is not taken when trading or investing within these markets going forward.
